A manufacturer makes $7900000 memory chips per year. Each chip takes 0.4 minutes of direct labor at the rate 0f $8 per hour. The overhead costs are estimated at $11 per direct labor hour. Anew process will reduce the unit production time by 0.01 minutes.If the overheadcost will be reduced by $5.50 for each hour by which total direct hours are reduced, what is the maximum amount you will pay for the new process? assume that the new process must pay for itself by the end of the first year.